Disability; Death; Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company is terminated due to (i) Executive becoming Disabled or Executive’s death, (ii) Executive’s voluntary resignation (other than for Good Reason) or (iii) the Company’s termination of Executive’s employment with the Company for Cause, then Executive (or Executive’s estate, as the case may be) will receive the Accrued Benefits, but will not be entitled to any other compensation or benefits from the Company except to the extent required by law (for example, COBRA); provided, however, that if Executive’s employment is terminated due to Executive becoming Disabled or Executive’s death, then (A) Executive (or Executive’s estate) will also receive a lump sum severance payment equal to Executive’s Cash Bonus (calculated based on deemed achievement of the Performance Goals applicable thereto at target levels), pro-rated to the number of days in such fiscal year prior to Executive’s termination of employment and less all required tax withholdings and other applicable deductions; and (B) any stock options that are vested as of such separation date shall remain exercisable until the earliest of (x) the one year anniversary of such separation date, (y) the options’ expiration date; or (z) as otherwise provided pursuant to the equity plan under which such options were issued. All payments set forth in this Section 3(c) shall in all cases be paid within thirty (30) days of Executive’s termination of employment (or such earlier date as required by applicable law).
Appears in 4 contracts
Samples: Severance and Change in Control Agreement (SOC Telemed, Inc.), Severance and Change in Control Agreement (SOC Telemed, Inc.), Severance and Change in Control Agreement (SOC Telemed, Inc.)
Disability; Death; Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company is terminated due to (i) Executive becoming Disabled or Executive’s death, (ii) Executive’s voluntary resignation (other than for Good Reason) or (iii) the Company’s termination of Executive’s employment with the Company for Cause, then Executive (or Executive’s estate, as the case may be) will receive the Accrued Benefits, but will not be entitled to any other compensation or benefits from the Company except to the extent required by law (for example, COBRA); provided, however, that if Executive’s employment is terminated due to Executive becoming Disabled or Executive’s death, then (A) Executive (or Executive’s estate) will be entitled to receive any Cash Bonus earned with respect to the immediately preceding fiscal year, which remains unpaid on date of Death or Disability; (B) Executive (or Executive’s estate) will also receive a lump sum severance payment equal to Executive’s Cash Bonus (calculated based on deemed achievement of the Performance Goals applicable thereto at target levels), pro-rated to the number of days in such fiscal year prior to Executive’s termination of employment and less all required tax withholdings and other applicable deductions; and (BC) any stock options that are vested as of such separation date shall remain exercisable until the earliest of (x) the one year anniversary of such separation date, (y) the options’ expiration date; or (z) as otherwise provided pursuant to the equity plan under which such options were issued. All payments set forth in this Section 3(c) shall in all cases be paid within thirty (30) days of Executive’s termination of employment (or such earlier date as required by applicable law).
Appears in 2 contracts
Samples: Severance and Change in Control Agreement (SOC Telemed, Inc.), Severance and Change in Control Agreement (SOC Telemed, Inc.)
